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Bitcoin Tumbles as Wild Crypto Market Swing Causes $310M Losses From Liquidations, Arkham denies buggy Mt. Gox alerts to blame for 7% Bitcoin price crash, & more.

Apr 27, 2023

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Bitcoin Tumbles as Wild Crypto Market Swing Causes $310M Losses From Liquidations

Crypto markets tumbled suddenly Wednesday afternoon, erasing gains from the previous 24 hours in less than an hour.
The CoinDesk Market Index (CMI), which tracks the performance of the broader crypto market, plummeted 5.6% in an hour, and has been currently trading 1.3% lower than 24 hours ago.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, was recently trading at about $28,275, up a fraction of a percentage point but down from its peak early Wednesday above $30,000. BTC sank as low as $27,264 later in the day.

Traders endured some $310 million of losses from liquidations in the past 24 hours, according to Coinglass data, as the wild swing in crypto prices liquidated both long and short positions.

Full Article

Arkham denies buggy Mt. Gox alerts to blame for 7% Bitcoin price crash

The price of Bitcoin nosedived roughly 7% in just one hour, falling from $29,850 to $27,789, which media outlets reported was due to blockchain analytics firm Arkham Intelligence incorrectly sending out an alert that wallets linked to Mt. Gox and the U.S. government had begun shifting large sums of Bitcoin.
Arkham initially tweeted to confirm the alleged mistake had occurred as a result of “bug fix” which sent out a false alert on their analytics platform to a “small subset of users.” The alert was subsequently tweeted by the popular crypto news alert account DB or Tier10k.
However, one hour later Arkham published a follow-up tweet claiming that it had “conducted an investigation of the DB Alert situation, and determined that the Arkham alerts were sent accurately in this case.”

Full Article

Bitcoin Rallies to $29K; Cardano Leads Gains Among Crypto Majors

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